Separately, it has emerged that former AIB chief executive Eugene Sheehy's reported €500,000-a-year pension would cost €10.5m to fund his entire retirement.

Mr Noonan was asked in the Dail by Mr Doherty if he would "estimate the capital value needed by a pension fund in order to make an annual payment of €529,000 to a scheme member, as is reportedly the case with annual payments to the former chief executive officer of AIB, Mr Eugene Sheehy".

Mr Noonan replied: "AIB informs me that for an employee retiring at age 60 with 40 years pensionable service and with an annual pension of €529,000, AIB estimates that the capital value accumulated in a fund to provide this annual figure would be approximately €10.5m."